The Economic and Financial Crimes Commission (EFCC) and its Chairman, Mr. Ola Olukoyede, have been actively involved in promoting fraud risk assessment and control within Nigeria. EFCC Chairman, Ola Olukoyede, has urged public and private sector organizations in Nigeria to integrate fraud risk assessment and control into their governance structures. He made this call at the launch of the ISO 37003:2025 Fraud Control Management System in Abuja. Olukoyede, represented by CE Ibrahim Shazali, described fraud as a complex issue that inflicts financial losses and reputational damage. He emphasized that fraud risk assessments help identify, analyze, and mitigate fraud risks, which include asset misappropriation, corruption, and fraudulent financial statements.
Nigeria has inaugurated the ISO 37003:2025 Fraud Control Management System to strengthen business integrity and boost investor confidence. The system is designed to help organizations assess fraud risks, implement preventive measures, and respond effectively to incidents. SON Director-General, Dr. Ifeanyi Okeke, stated that the ISO 37003:2025 provides a framework for preventing fraudulent activities, detecting fraud efficiently, and responding decisively. The adoption of this standard will enhance transparency and accountability, reduce leakages, and rebuild public confidence.
In 2024, the EFCC established the Department of Fraud Risk Assessment and Control (DFRAC) to conduct fraud risk assessments across government ministries, departments, and agencies (MDAs). The DFRAC aims to identify potential fraud risks and vulnerabilities in MDAs and implement ethics and integrity programs. The EFCC has been monitoring financial disbursements for government initiatives, including the Pi-CNG project. Ola Olukoyede has emphasized integrity and discipline for EFCC cadets, stressing zero tolerance for corruption and compromise.
The EFCC secured 4,111 convictions in 2024, the highest number in its history. The Commission recovered over N364 billion in assets. The EFCC has been working to enhance compliance with global standards on anti-money laundering and counter-terrorist financing.
Ola Olukoyede is the Executive Chairman of the EFCC, appointed in October 2023. He has a background in law, regulatory compliance, fraud management, and corporate intelligence. Before becoming Chairman, he served as Chief of Staff to the Executive Chairman and Secretary to the Commission. In summary, the EFCC, under the leadership of Ola Olukoyede, is actively promoting fraud risk assessment and control through various initiatives, including the adoption of the ISO 37003:2025 standard and internal measures to prevent corruption.